Economy

The year 2009 will go down in history as one full of bank closings.

We've looked at the history of bank failures and 2009 was a pretty bad year, though not the worst ever. To get an idea of the damage, Go Banking Rates has compiled a chronological list of 130 bank failures for the year.

Jan. 16:
1. National Bank of Commerce, IL. Acquired by Republic Bank of Chicago.
2. Bank of Clark County, WA. Acquired by Umpqua Bank.

Jan. 23:
3. 1st Centennial Bank, CA. Acquired by First California Bank.

Jan. 30:
4. Ocala National Bank, FL. Acquired by CenterState Bank.
5. Suburban FSB, MD. Acquired by Bank of Essex.
6. MagnetBank, UT. No acquiring bank found. Funds covered by FDIC.

Feb. 6:
7. FirstBank Financial Services, GA. Acquired by Regions Bank.
8. Alliance Bank, CA. Acquired by California Bank & Trust.
9. County Bank, CA. Acquired by Westamerica Bank.

Feb. 13:
10. Pinnacle Bank of Oregon, OR. Acquired by Washington Trust Bank.
11. Corn Belt Bank & Trust Co., IL. Acquired by the Carlinville National Bank.
12. Riverside Bank of the Gulf Coast, FL. Acquired by TIB Bank.
13. Sherman County Bank, NE. Acquired by Heritage Bank.

Feb. 20:
14. Silver Falls Bank, OR. Acquired by Citizens Bank.

Feb. 27:
15. Security Savings Bank, NV. Acquired by Bank of Nevada.
16. Heritage Community Bank, IL. Acquired by MB Financial Bank.

Mar. 6:
17. Freedom Bank of Georgia, GA. Acquired by Northeast Georgia Bank.

Mar. 20:
18. TeamBank, NA, KS. Acquired by Great Southern Bank
19. Colorado National Bank, CO. Acquired by Herring Bank.
20. FirstCity Bank, GA. No acquiring bank found. Funds covered by the FDIC.

March 27:
21. Omni National Bank, GA. Paying agent: SunTrust Bank.

April 10:
22. New Frontier Bank, CO. The FDIC created the Deposit Insurance National Bank of Greeley to address New Frontier accounts and problems.
23. Cape Fear Bank, NC. Acquired by First Federal Savings and Loan Association.

April 17:
24. Great Basin Bank of Nevada, NV. Acquired by Nevada State Bank.
25. American Sterling Bank, MO. Acquired by Metcalf Bank.

April 24:
26. First Bank of Idaho, ID. Acquired by U.S. Bank
27. First Bank of Beverly Hills, CA. No acquiring bank found. Funds covered by the FDIC.
28. Michigan Heritage Bank, MI. Acquired by Level One Bank.
29. American Southern Bank, GA. Acquired by Bank of North Georgia.

May 1:
30. America West Bank, UT. Acquired by Cache Valley Bank.
31. Citizens Community Bank, NJ. Acquired by North Jersey Community Bank.
32. Silverton Bank, NA, GA. FDIC created the Silverton Bridge Bank to transition accounts to other banks.

May 8:
33. Westsound Bank, WA. Acquired by Kitsap Bank.

May 21:
34. BankUnited, FSB, FL. Acquired by BankUnited, Coral Gables.

May 22:
35. Citizens National Bank, IL. Acquired by Morton Community Bank.
36. Strategic Capital Bank, IL. Acquired by Midland States Bank.

June 5:
37. Bank of Lincolnwood, IL. Acquired by Republic Bank of Chicago.

June 19:
38. First National Bank of Anthony, KS. Acquired by Bank of Kansas.
39. Cooperative Bank, NC. Acquired by First Bank.
40. Southern Community Bank, GA. Acquired by United Community Bank.

June 26:
41. Mirae Bank, CA. Acquired by Wilshire State Bank.
42. MetroPacific Bank, CA. Acquired by Sunwest Bank.
43. Horizon Bank, MN. Acquired by Stearns Bank N.A.
44. Neighborhood Community Bank, GA. Acquired by CharterBank.
45. Community Bank of West Georgia, GA. No acquiring bank found. Funds covered by the FDIC.

July 2:

46. Founders Bank, IL. Acquired by the PrivateBank and Trust Company.
47. Millennium State Bank of Texas, TX. Acquired by State Bank of Texas.
48. First National Bank of Danville, IL. Acquired by First Financial Bank.
49. Elizabeth State Bank, IL. Acquired by Galena State Bank and Trust Company.
50. Rock River Bank, Oregon, IL. Acquired by Harvard State Bank.
51. First State Bank of Winchester, IL. Acquired by First National Bank of Beardstown.
52. John Warner Bank, IL. Acquired by State Bank of Lincoln.

July 10:

53. Bank of Wyoming, WY. Acquired by Central Bank & Trust.

July 17:

54. Temecula Valley Bank, CA. Acquired by First-Citizens Bank & Trust Company.
55. Vineyard Bank, CA. Acquired by California Bank & Trust.
56. BankFirst, SD. Acquired by Alerus Financial, National Association.
57. First Piedmont Bank, GA. Acquired by First American Bank and Trust Company.

July 24:
58. Security Bank of Jones County, GA. Acquired by State Bank and Trust Company.
59. Security Bank of Houston County, GA. Acquired by State Bank and Trust Company.
60. Security Bank of Bibb County, GA. Acquired by State Bank and Trust Company.
61. Security Bank of North Metro, GA. Acquired by State Bank and Trust Company.
62. Security Bank of North Fulton, GA. Acquired by State Bank and Trust Company.
63. Security Bank of Gwinnett County, GA. Acquired by State Bank and Trust Company.
64. Waterford Village Bank, NY. Acquired by Evans Bank, National Association.

July 31:
65. Mutual Bank, IL. Acquired by United Central Bank.
66. First BankAmericano, NJ. Acquired by Crown Bank.
67. Peoples Community Bank, OH. Acquired by First Financial Bank.
68. Integrity Bank, FL. Acquired by Stonegate Bank.
69. First State Bank of Altus, OK.Acquired by Herring Bank.

Aug. 7:
70. First State Bank, FL. Acquired by Stearns Bank.
71. Community First Bank, OR. Acquired by Home Federal Bank.
72. Community National Bank of Sarasota County, FL. Acquired by Stearns Bank.

Aug. 14:
73. Community Bank of Nevada, NV. Acquired by Deposit Insurance National Bank.
74. Community Bank of Arizona, AZ. Acquired by MidFirst Bank.
75. Union Bank, National Association, AZ. Acquired by MidFirst Bank.
76. Colonial Bank, AL. Acquired by Branch Banking and Trust Company.
77. Dwelling House Savings and Loan Association, PA. Acquired by PNC Bank.

Aug. 21:
78. Guaranty Bank, TX. Acquired by BBVA Compass.
79. CapitalSouth Bank, AL. Acquired by IBERIABANK.
80. First Coweta Bank, GA. Acquired by United Bank.
81. Ebank, GA. Acquired by Stearns Bank.

Aug. 28:
82. Affinity Bank, CA. Acquired by Pacific Western Bank.
83. Mainstreet Bank, MN. Acquired by Central Bank.
84. Bradford Bank, MD. Acquired by Manufacturers and Traders Trust Company.

Sep. 4:
85. First State Bank, AZ. Acquired by Sunwest Bank.
86. Platinum Community Bank, IL. No acquiring bank found. Funds covered by the FDIC.
87. Vantus Bank, IA. Acquired by Great Southern Bank.
88. InBank, IL. Acquired by MB Financial Bank.
89. First Bank of Kansas City, MO. Acquired by Great American Bank.

Sep. 11:
90. Venture Bank, WA. Acquired by First-Citizens Bank & Trust Company.
91. Brickwell Community Bank, MN. Acquired by CorTrust Bank N.A.
92. Corus Bank, N.A., IL. Acquired by MB Financial Bank.

Sep. 18:
93. Irwin Union Bank, F.S.B., KY. Acquired by First Financial Bank, N.A.
94. Irwin Union Bank and Trust Company, IN. Acquired by First Financial Bank, N.A.

Sep. 25:
95. Georgian Bank, GA. Acquired by First Citizens Bank and Trust Company.

Oct. 2:
96. Southern Colorado National Bank, CO. Acquired by Legacy Bank.
97. Jennings State Bank, MN. Acquired by Central Bank.
98. Warren Bank, MI. Acquired by the Huntington National Bank.

Oct. 16:
99. San Joaquin Bank, CA. Acquired by Citizens Business Bank.

Oct. 23:
100. First DuPage Bank, IL. Acquired by First Midwest Bank.
101. Riverview Community Bank, MN. Acquired by Central Bank.
102. Bank of Elmwood, WI. Acquired by Tri City National Bank.
103. Flagship National Bank, FL. Acquired by First Federal Bank of Florida.
104. Hillcrest Bank Florida, FL. Acquired by Stonegate Bank.
105. American United Bank, GA. Acquired by Ameris Bank.
106. Partners Bank, FL. Acquired by Stonegate Bank.

Oct. 30:
107. North Houston Bank, TX. Acquired by U.S. Bank National Association
108. Madisonville State Bank, TX. Acquired by U.S. Bank National Association.
109. Citizens National Bank, TX. Acquired by U.S. Bank National Association.
110. Park National Bank, IL. Acquired by U.S. Bank National Association.
111. Pacific National Bank, CA. Acquired by U.S. Bank National Association.
112. California National Bank, CA. Acquired by U.S. Bank National Association.
113. San Diego National Bank, CA. Acquired by U.S. Bank National Association.
114. Community Bank of Lemont, IL. Acquired by U.S. Bank National Association.
115. Bank USA, N.A., AZ. Acquired by U.S. Bank National Association.

Nov. 6:
116. United Commercial Bank, CA. Acquired by East West Bank.
117. Gateway Bank of St. Louis, MO. Acquired by Central Bank of Kansas City.
118. Prosperan Bank, MN. Acquired by Alerus Financial, N.A.
119. Home Federal Savings Bank, MI. Acquired by Liberty Bank and Trust Company.
120. United Security Bank, GA. Acquired by Ameris Bank.

Nov. 13:
121. Pacific Coast National Bank, CA. Acquired by Sunwest Bank.
122. Orion Bank, FL. Acquired by IBERIABANK.
123. Century Bank, F.S.B., FL. Acquired by IBERIABANK.

Nov. 20:
124. Commerce Bank of Southwest Florida, FL. Acquired by Central Bank.

Dec. 4:
125. The Buckhead Community Bank of Atlanta, GA. Acquired by State Bank and Trust Company.
126. First Security National Bank of Norcross, GA. Also acquired by State Bank and Trust Company.
127. The Tattnall Bank of Reidsville, GA. Acquired by Heritage Bank of the South of Albany, GA.
128. AmTrust Bank of Cleveland, OH. Acquired by New York Community Bank of Westbury, NY.
129. Benchmark Bank of Aurora, IL. Acquired by MB Financial Bank, N.A. of Chicago, IL.
130. Greater Atlantic Bank of Reston, VA. Acquired by Sonabank of McLean, VA.

Dec. 11
131. Republic Federal Bank of Miami, FL. Acquired by 1st United Bank of Boca Raton, FL.
132. Valley Capital Bank of Mesa, AZ. Acquired by Enterprise Bank & Trust.
133. SolutionsBank of Overland Park, KS. Acquired by Arvest Bank of Fayetteville, AR.

While President Barack Obama gets ready to work out details of job creation during a summit on Thursday, Dec. 3, 2009, the Democrat members of Congress turn their focus to the idea of another stimulus package to save and create jobs. However, some democrats are showing doubt that another federal stimulus package would be able to do the trick.

Would Another Stimulus Work?

The Obama administration has been stressing the desire to create jobs without adding to the deficit, hence the job summit set for early December. Additionally, doubt has been expressed that the first $787 billion stimulus that was presented in February actually had the impact intended. With the nation's unemployment rate rising throughout the year and, as of the last tally, reaching 10.2 percent, some Democrats believe that there just isn't enough evidence that another one would succeed to consider it.

Criticisms of the First Stimulus / Case Against Second One

There are a number of criticisms of the first stimulus, as well as against a second one. Here are a couple:

• First stimulus only created government jobs: One criticism of the first stimulus package is that the money didn't expand too far passed than the government. While government workers were able to keep their jobs at the state level, the move didn't necessarily spur economic growth. Some of the other industries that received money were only able to produce short-term employment opportunities and due to an overall lack of economic growth would have required constant infusions of public money to continue paying workers.
• First stimulus money isn't tapped out: Another criticism of the first stimulus - and against creating a second one - is that more than tw0-thirds of the first is still available. Some argue that there's no point in digging an even deeper hole in the deficit if the first stimulus dollars haven't even been completely spent.

A third criticism is that some Democrats may want to create a new stimulus package and create new jobs in a hurry so that they can gain points in time for the 2010 elections. In other words, they may be simply trying to create jobs to save their own butts.

Those who argue for the new stimulus dollars, however, like House Speaker Nancy Pelosi, say that the reason taxpayers in particular are angry about the idea of adding to the deficit is because they don't reap benefits from it. She hopes that by actually adding jobs with new stimulus package, taxpayers will feel better about the ever-growing deficit.

Do you feel that a new stimulus package is the right way to create jobs?

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